The National Petrochemical Company's first joint venture agreement since the formation of the Islamic Republic of Iran was signed with the London based Balli Petrochemicals Ltd. A joint venture company, Damavand Petrochemical Company, 60% owned by Balli and 40% by NPC has been formed to construct and operate a 300,000-t/y swing LLDPE/HDPE plant at Petrochemical Special Economic Zone. Technip of France will engineer the plant in conjunction with Enerchimie of Iran using the Innovene process under the license of BP Chemicals. The plant is expected to start production in early 2003.

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